Will Sahara find exit route for jailed Subrata Roy?

March 07, 2014 10:52

In court on Tuesday, Sahara lawyers offered to give bank guarantees for Rs 22,500 crore within three to six months, but the court rejected the proposal and asked Sahara to come up with a "concrete" plan, according to two lawyers who were at the hearing.

Sahara also proposed that the Securities and Exchange Board of India (Sebi) begin selling Sahara properties to which it holds title until it comes up with the bank guarantee. SEBI has argued that it does not have the needed paperwork for some Sahara properties and disputed the valuation of some of them.

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